Costco operates 882 warehouses across the globe. Credit: Tada Images/Shutterstock.

US-based membership-based warehouse club Costco Wholesale has reported a 7.4% increase in net sales for the retail month of June 2024, reaching $24.48bn compared to $22.78bn in the same period of 2023.

For the five weeks ended 7 July 2024, the retailer’s total comparable sales saw a 5.3% increase, while its e-commerce comparable sales jumped by 18.4%.  

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During the first 44 weeks of the fiscal year, Costco’s net sales amounted to $210.55bn, a 6.9% rise from $196.93bn the year previously.  

Total comparable sales for this same period grew by 5.4%, with e-commerce comparable sales experiencing 15.2% growth. 

Costco operates 882 warehouses worldwide, including 609 in the US and Puerto Rico, 108 in Canada and others in locations such as Mexico, Japan and the UK.  

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The retailer also runs e-commerce sites across countries including the UK, Mexico, Korea, Taiwan and Australia. 

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Costco also announced an increase in its annual membership fees for the first time in seven years.  

Effective from 1 September 2024, the fees for US and Canada Gold Star, Business, and Business Add-on members will rise by $5, bringing the annual charge to $65. 

The fee hike will also affect Executive memberships in the US and Canada, which will see an increase from $120 to $130, comprising a Primary membership of $65 and an Executive upgrade of $65.  

In addition, the maximum annual 2% reward for Executive members will rise from $1,000 to $1,250. 

The changes will change 52 million memberships, more than half of these Executive.  

In June 2023, following a rise in card abuse, Costco took a firm stance against individuals accessing its sites with other people’s membership cards.